Taipei, July 29 (CNA) President Chen Shui-bian Tuesday described investment by both the government and the private sector as key to Taiwan's sustainable economic progress.
Chen made the remarks while giving a speech at the inauguration of a hi-tech plant opened by Picvue Electronic Corp. in Hsinchu, northern Taiwan.
Stressing that only continued investment by the government and private sector can fuel Taiwan's industrial upgrading and economic transformation, Chen expressed the hope that the government-initiated "two-trillion, two-star" program will achieve its aim, with cooperation from the private sector.
Under the program to promote Taiwan's value-added and innovative high technology, the government seeks to boost the production value of the semiconductor and TFT-LCD industries to NT$1 trillion (US$29 billion) each. Nanotechnology and biotechnology have also been recently included into the plan. "Only hard work will create broader horizons for Taiwan. There is no short cut, " the president said, adding that the government is soon to launch a five-year public works expansion plan worth NT$500 billion (US$14.5 billion) focusing on improving Taiwan's infrastructure and overall investment climate.
For instance, the completion of the Duhsing Compound and a biotechnology park in the Hsinchu Science-based Industrial Park -- the country's high-tech stronghold -- is concrete proof of joint cooperative ventures between the government and the business community in developing Taiwan's economy, he noted.
The president also called for enthusiastic public cooperation with the government in removing all barriers to help set Taiwan free from the lingering economic recession as soon as possible.